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Fed Assesses First Penalty for Volcker Rule Violation

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The Board of Governors of the Federal Reserve System has assessed its first penalty for violation of the Volcker Rule against Deutsche Bank AG. The Volker Rule required Deutsche Bank’s Chief Executive Officer to annually attest to the Board of Governors in writing that the bank had in place processes to... Read More

Topics: Banking

Trump Prevents FSOC Designations and Bank Liquidations

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In a Presidential Memorandum, President Trump directed the Secretary of the Treasury, as a member of the Financial Stability Oversight Council, not to cast a nonemergency vote to subject nonbank financial companies to enhanced regulation or to designate any financial market utilities as systematically important for a period of 180... Read More

Topics: Banking

Bank Regulators Issue Notice of Proposed Rulemaking on Enhanced Cyber Risk Management Standards

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Three federal banking regulatory agencies have approved an advance notice of proposed rulemaking (ANPR) inviting comment on a set of potential enhanced cybersecurity risk-management and resilience standards that would apply to large and interconnected entities under their supervision. The standards would apply as well to services provided by third parties... Read More

Topics: Banking

The New York State Department of Financial Services Proposes Robust Cybersecurity Rules

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On September 13, 2016, the New York State Department of Financial Services (DFS) proposed new rules that would require certain “Covered Entities” to establish and implement cybersecurity programs designed to protect nonpublic consumer information (Nonpublic Information) and technology systems from cyber-attacks (Proposed Rules). Below are some of the highlights of the Proposed... Read More

Topics: Banking, Consumer Protection, Insurance, Uncategorized

CFPB’s Structure Ruled Unconstitutional but it Avoids Being Dismantled

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On October 11, 2016, the United States Court of Appeals for the D.C. Circuit issued its highly anticipated opinion in PHH Corp., et al. v. CFPB, holding that the Consumer Financial Protection Bureau’s (CFPB) structure is unconstitutional. The underlying case arose following a CFPB administrative enforcement action against PHH Corp.... Read More

Topics: Banking, Broker-Dealer, CFPB, Consumer Protection, Litigation

CFPB Presents New Regulatory Requirements for Third-Party Debt Collectors

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By Timothy McTaggart and Zane Gilmer On July 28, 2016, the Consumer Financial Protection Bureau (CFPB) released an outline of proposals and alternatives under consideration for regulating debt collection practices. The outline’s release triggers the formation of a panel pursuant to the Small Business Regulatory Enforcement Fairness Act (SBREFA), from... Read More

Topics: Banking, CFPB, Litigation

Top 5 Things the Financial Industry Needs to do in Response to the CFPB’s Proposed Arbitration Rule

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By Zane Gilmer and Liz Kramer On May 5, 2016, the Consumer Financial Protection Bureau (CFPB) announced a long awaited and highly controversial proposed rule that, if adopted, would prohibit certain financial services companies from banning consumer class actions as part of mandatory pre-dispute arbitration agreements and require companies to... Read More

Topics: Banking, CFPB, Consumer Protection, Litigation

CFPB Week in Review

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The Consumer Financial Protection Bureau (CFPB) had another busy week.  Here is an overview of what the CFPB was up to recently: Enforcement Actions and Litigation Enforcement Action Against Santander Bank On July 14, 2016, the CFPB announced an administrative consent order against Santander Bank, N.A., to resolve alleged illegal... Read More

Topics: Banking, CFPB, Consumer Protection, Litigation